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SINGAPORE: Singapore shares were 5.94 per cent lower after opening on Thursday, following the lead of Wall Street where shares suffered their worst percentage drop in 21 years.
In early trade, the blue-chip Straits Times Index was 122.27 points lower at 1,937.12. Some 92 million shares exchanged hands, with losers beating gainers 201 to 23.
Other Asian markets also opened in the red as fears of a global recession grew.
Japan index led the fall, plummeting 10.33 per cent. Its benchmark Nikkei-225 index lost 985.95 points to 8,561.52.
South Korea's Kospi index dropped 6.28 per cent or 84.13 points to 1,256.15, and Taiwan's weighted index slipped 3.3 per cent or 173.38 points to 5,072.88.
Australia's S&P/ASX 200 lost 6.24 per cent to 4,031.7, while New Zealand's NZX-50 was down 4.45 per cent to 2,775.37.
Wall Street stocks plunged on heightened recession fears on Wednesday for the US and global economies, as panic selling returned to global markets.
The Dow Jones Industrial Average slid 733.08 points (7.87 per cent) to close at 8,577.91 in the worst one-day point loss since last month's record 777-point decline and the steepest percentage drop since 1987.
In an even more brutal decline, the broad-market Standard & Poor's index plunged 90.17 points (9.03 per cent) to 907.84.
The tech-heavy Nasdaq sank 150.68 points (8.47 per cent) to 1,628.33 in another violent session for stocks, despite massive rescue efforts for the ailing global banking sector.
- CNA/yb
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